According to industry reports, non-emergency medical transportation clocked $21.82 billion in 2017, and it is expected to attain $31.51 billion globally by 2026. If that is in any way a metric used to measure the size of the NEMT market, then it is explicitly clear that it is massive and full of opportunities.
According to reports, the industry has shown no sign of dwindling, and even while the pandemic of the last years raged on, NEMT providers didn’t have the luxury of closing down for a few weeks like most businesses. Note that they still had passengers to transport, and they found a safe way to carry on.
In the United States, there are numerous brokers scattered all over the 50 States, varying in size and capability. A good number of these brokers run their business on a national level, while others choose to focus on regional or local trip opportunities.
If someone requires a ride, they can surely locate one no matter where they are located. Truth be told, this has yielded a massive opportunity for anyone eager to venture into the NEMT industry. We have private pay patient transportation, insurance-backed patient transportation, courier services, and transportation management and optimization.
Have it in mind that private pay patient transportation and insurance-backed patient transportation can also be sub-divided into standard services and special assistance services. These private pay patient transportation companies make available NEMT services to any citizen, irrespective of their insurance coverage.
Have it in mind that the patients can book a NEMT service by simply keying into a mobile app or via making a phone call. In the United States, the advent of technology has ensured that a good percentage of the population has access to the internet, and this further ensures hassle-free bookings.
Also, note that consumers can also go for a NEMT service as a vital part of their insurance plan. This will fall under the insurance-backed patient transportation service. Here, the burden and stress on the end-users are greatly reduced.
However, note that people still prefer to go for private pay patient transportation because of the non-periodicity in visits. Owing to this demand, this segment of the industry accounts for the highest market share boasting of US$ 4169.16 in 2018.
In addition, owing to the growing penetration of NEMT service in rural and suburban areas and the massive cost of insurance plans, private pay patient transportation is projected to grow the maximum during the forecast years, at a CAGR of 5.5%.
Key NEMT Industry Statistics
Truth be told, the importance of non-emergency medical transportation (NEMT) in our modern society is unquantifiable. NEMT is a comprehensive medical transportation solution that makes available a vast range of services and modes of transportation for the disadvantaged population categories.
Industry stats extensively show that the NEMT industry will continue to gain recognition and grow as the world’s population continues to age. Nonetheless, here are key stats to keep in mind.
NEMT Services Are Necessary for Patients
In this modern age, hospitals and other healthcare facilities are dealing with issues related to managing the significant flow of patients throughout the system. According to reports, about 85% of patients reported waiting up to 30 minutes past the scheduled time just to see a doctor.
NEMT and inter-facility ambulance transportation are very vital elements in limiting wait time and managing patient flow since these services make available on-time patients’ presence.
In addition, owing to improvement in transportation, patients can be discharged at the implored time, and this entails that previously filled beds can now quickly create space for new patients. Note that the industry keeps developing and growing especially since hospitals and other healthcare settings now understand the importance of the NEMT industry.
NEMT Remains the Fastest-Growing Patient Transport Segment In The Medical Transportation
Just like it was noted above, non-emergency medical transportation clocked $21.82 billion in 2017 and it is expected to attain $31.51 billion globally by 2026. It simply entails that the general medical transportation market is expanding and growing.
It is important to note that the healthcare transportation market in the U.S. is dissected into medical and non-medical transportation. Ideally, the medical transportation segment is bigger, and in 2017 represents around 86% market share.
However, still have it in mind that NEMT remains the fastest-growing segment of all medical transportation industries. Experts predict a growth rate of over 4% during the period from 2018 to 2026. Medicaid insurance plans tend to cater to NEMT services for seniors, older adults who reside in rural areas, disabled people, and other low-income populations.
Note that all these factors and non-emergency medical transportation statistics represent massive opportunities for the NEMT business to become more successful.
Circulation of Technology and Innovations in The NEMT Industry Will Make It More Productive
According to industry reports, every year about 3.6 million Americans miss their non-emergency healthcare appointments owing to inadequate transportation. Have it in mind that these misses can worsen patients’ symptoms or even result in fatal outcomes.
Delayed appointments tend to also have nasty financial consequences on the whole medical system. Have it in mind that some of these delays tend to be a result of no access to transportation, especially for individuals who can’t drive due to physical or mental conditions, don’t have a car, lives in a rural area, or experience any other transportation barrier.
However, NEMT now proffers solutions to these problems and disadvantaged populations can have access to proper transportation.
Some miss appointments just because of the time gap between scheduling and healthcare appointments. By leveraging NEMT scheduling software or customer applications, passengers can schedule up to thirty days beforehand, and no reminder phone calls are required.
Non-emergency medical transportation is very important for seniors, the disabled, and other disadvantaged citizens. Experts in the industry expect a massive increase among these categories of the population, and it, in turn, will positively influence the need for both emergency and non-emergency providers.
Owing to that, starting a NEMT business is a very good investment! Whether or not the economy is growing, patients will have to get to and from their healthcare appointments, making the NEMT business recession-proof. Note that the demand for this kind of service won’t go away. The need and opportunity will only increase with time.